Ackman's Pershing Square Pivots to Microsoft, Exits Hilton in Q1 Rebalance

In the first quarter of 2026, hedge fund manager Bill Ackman repositioned Pershing Square's portfolio with a deliberate tilt toward artificial intelligence's commercial future — buying Microsoft during a market downturn, reducing Alphabet, and exiting Hilton entirely. The moves reflect a broader human question playing out across capital markets: which institutions will most durably translate the promise of AI into lasting economic value. Ackman's answer, for now, is the company that has bound itself most closely to the technology the world is still learning to understand.